Reference is made to the stock exchange notice published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 21 October 2014 regarding the announcement of a major new multi-client project offshore Australia (the "Capreolus 3D Project").
Polarcus is pleased to announce that the Company has secured further industry prefunding enabling the expansion of the survey northwards with an additional 7,130 square kilometers. Consequently the Capreolus 3D Project will now comprise approximately 22,130 sq. km overall, providing exploration companies with an extensive basin-wide broadband 3D seismic dataset across the Roebuck Basin, offshore North West Shelf, Australia.
Seismic acquisition on the original program commenced early January 2015 with two Polarcus A-Class 3D seismic vessels utilizing the Company's RightBAND(TM) technique for broadband data acquisition. The expanded survey is now estimated at approximately twelve vessel months duration overall, and will utilize an additional Polarcus 3D seismic vessel for part of the program. As of date, seismic acquisition is approximately 40% complete (of the new expanded program).
The resultant data from the Capreolus 3D Project will be processed through a pre-stack depth migration routine by DownUnder GeoSolutions in Perth, Australia, with final data products expected to be delivered within Q1 2016.
Rod Starr, CEO Polarcus
+971 4 436 0800
Tom Henrik Sundby, CFO Polarcus
+971 50 708 6480
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs over 600 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)